Business
L.B. Foster Reports Fourth Quarter and Full Year 2019 Operating Results
PITTSBURGH, Feb. 25, 2020 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR), a leading manufacturer and distributor of products and services for
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, Feb. 25, 2020 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR), a leading manufacturer and distributor of products and services for transportation and energy infrastructure, today reported its fourth quarter and full year 2019 operating results, which included the following performance highlights:\n Fourth quarter net income of $26.3 million, or $2.46 per diluted share, and full year net income of $42.6 million, or $4.00 per diluted share. Adjusted net income1 for the fourth quarter was $0.9 million, or $0.08 per adjusted diluted share,1 and adjusted net income1 for the full year 2019 was $17.2 million, or $1.62 per adjusted diluted share.1 Adjusted net income excludes relocation and closure costs, U.S. pension settlement expense, and the income tax benefit from the valuation allowance release on the Company's U.S. deferred tax assets.Results include a $29.6 million income tax benefit resulting from the release of its valuation allowance previously recorded against U.S. deferred tax assets.New orders in the fourth quarter increased by 31.5% over the prior year quarter and backlog increased by 4.4% from the prior year end to $230.1 million.Sales for the fourth quarter decreased by 9.2% from the prior year quarter to $149.4 million. For the full year, sales increased by 4.5% to $655.1 million compared to the prior year.Fourth quarter gross profit of $27.4 million decreased by $3.2 million, or 10.5%, from the prior year quarter. Full year 2019 gross profit of $121.4 million increased by $4.2 million, or 3.6%, compared to 2018.Net cash provided by operating activities in the fourth quarter was $16.0 million and full year 2019 totaled $29.3 million, a 12.8% increase over the prior year.Reduction in outstanding debt of $16.8 million, or a 22.4% decline from the end of the prior year.Adjusted EBITDA1 (earnings before interest, income tax, depreciation, and amortization, adjusted for the effect of relocation and closure costs and U.S. pension settlement expense) was $45.6 million, an increase of 10.2% compared to the prior year. Deferred Tax AssetOperating results for 2019 include a reversal of the Company’s valuation allowance previously recorded against a substantial portion of its U.S. deferred tax assets. The reversal resulted in a $29.6 million income tax benefit. The Company performs an evaluation of its deferred...